BOUCHERVILLE, QC, Feb. 1, 2013 /CNW Telbec/ - Noveko International Inc.
(TSX: EKO) (the "Corporation") reports that the closing of its
financing announced on November 14, 2012, which will take the form of
convertible debentures and term loans for an aggregate amount between
$10 million to $12 million, and which was anticipated to occur before
the end of January 2013, is now scheduled to occur on or about
February 15, 2013. This financing shall be used among other things to
reimburse the credit facility and the secured convertible debentures
granted or issued pursuant to the September 28, 2011 financing made by
Third Eye Capital Corporation (the "TEC Financing"). As already
disclosed, the Corporation is in breach of the provisions of the
agreements governing the TEC Financing.
With respect to the transfer of our 70% shareholding in our subsidiary
SARL Noveko Algérie in consideration for the repayment of all the
advances made to it, being $1,400,000, of which an amount of $400,000
was received during the first quarter ended September 30, 2012, the
closing has not yet occurred. We anticipate a closing of that
transaction in the next weeks; we will, in any case, in accordance with
the regulation, provide updates at least every 30 days unless the
closing occurs before.
Profile of the Corporation
The Corporation specializes in the air filtration segment by providing
its clientele with innovative and eco-energetic filtration solutions.
As such, through its subsidiaries, the Corporation designs, develops,
manufactures and markets air filters incorporating its patented air
filtration technologies, which filters are cleanable and recyclable,
and have a much longer life span than conventional air filters. These
filters are used in farm buildings, in institutional, commercial,
industrial and residential buildings, and in the ground and aeronautics
transport industry.
Through distributors, the Corporation furthermore continues to
commercialize antimicrobial masks and respirators, hands sanitizers and
ultrasound scanners for use in human and veterinary medicine.
Certain statements set forth in this press release constitute
forward-looking statements. In some cases, these statements are
identified by the use of terms such as "may", "could", "might",
"intend", "should", "expect", "project", "plan", "believe", "estimate"
or other comparable variants. These statements are based on the
information available at the time they are written, on assumptions made
by management and on the expectations of management, acting in good
faith, regarding future events, including those relating to economic
conditions, fluctuations in exchange rates and operating expenses, and
the absence of unusual events entailing supplementary expenditures.
Although management considers these assumptions and expectations
reasonable based on the information available at the time they are
written, they could prove inaccurate. Forward-looking statements are
also subject, by their very nature, to known and unknown risks and
uncertainties such as those related to the industry, acquisitions,
labor relations, credit, key officers, supply and product liability.
The actual results of Noveko International Inc. could differ materially
from those indicated or underlying these forward-looking statements.
The reader is therefore recommended not to unduly rely on these
forward-looking statements. Forward-looking statements do not reflect
the potential impact of special items, any business combination or any
other transaction that may be announced or occur subsequent to the date
hereof. Unless otherwise required under securities laws, the
Corporation does not intend and undertakes no obligation to update or
revise the forward-looking statements.
SOURCE: NOVEKO INTERNATIONAL INC.
